Spotify is the home of some of the biggest podcasts on social media. Since acquiring Gimlet Media and Anchor in 2019, the platform has spearheaded the podcast renaissance. Bloomberg reports that the platform has spent over $1 billion on various podcasting agreements.
But according to the outlet, podcasting isn’t the only kind of content Spotify is investing in. Spotify is also now reportedly courting YouTubers with seven-figure deals in the hope that they distribute their video content on Spotify.
Bloomberg’s sources, who the outlet said aren’t authorized to speak publicly, allege these deals vary depending on the creator. For instance, Spotify is purportedly asking some creators to put their content on the platform for free with the promise of marketing assistance.
Others are receiving upwards of seven-figure deals to post on the platform. Any money involved seems to be dependent on how big the creator in question is.
Is Spotify pursuing exclusive video deals?
Also notable, according to Bloomberg, is that Spotify doesn’t seem interested in acquiring exclusive rights to this content. The platform appears more interested in videos simply being available on the platform in general, even if this content is already available elsewhere.
“The popularity of video is surging on Spotify, but our making deals with creators is not new,” a Spotify spokesperson told Bloomberg in an email.
“From ‘The Comment Section’ to our recent renewals for ‘What Now? with Trevor Noah’ and ‘The Joe Rogan Experience,’ Spotify has worked with podcasters and creators on shows that include video for several years. Per those agreements, we never comment on the individual details as we have a wide array of partnerships.”
The spokesperson added: “More than 170 million users have watched a video podcast on Spotify, and we’re always looking for opportunities to grow the video catalog for our users.”
